BP Sells Arco Aluminum To Japanese Cos. For $680M

Law360, New York (April 4, 2011, 12:59 PM EDT) -- BP PLC announced Monday that it would sell its wholly owned subsidiary Arco Aluminum Inc. to a consortium of Japanese companies for $680 million in cash.

The Japanese consortium consists of Sumitomo Light Metal Industries, which will own 40 percent of the new company; Furukawa Sky Aluminum Corp., with 35 percent; Sumitomo Corp., with 20 percent; Itochu Metals Corp., which will own 3 percent; and Itochu Corp. with 2 percent.

BP CEO Bob Dudley said in a statement Monday that although Arco Aluminum is a strong...
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